Midlincoln Aggregates for funds
for week ending last Friday (inclusive)
| Focus | Objective | Asset Class | Flow USD mn |
| Commodities | INDUSTRIAL METALS | Commodity | 1.27 |
| Commodities | PRECIOUS METAL SECTOR | Equity | -62.31 |
| Commodities | PRECIOUS METALS | Commodity | 57.67 |
| Commodities | PRECIOUS METALS | Mixed Allocation | 11.24 |
| country | AUSTRALIA | Equity | 24.28 |
| country | AUSTRALIA | Fixed Income | 5.76 |
| country | AUSTRALIA | Mixed Allocation | 0.15 |
| country | BRAZIL | Equity | -8.64 |
| country | BRAZIL | Fixed Income | 491.78 |
| country | CHINA | Equity | -1254.29 |
| country | CHINA | Fixed Income | 14.66 |
| country | INDIA | Equity | -117.63 |
| country | INDIA | Fixed Income | -4.89 |
| country | ISRAEL | Equity | -0.11 |
| country | JAPAN | Equity | -69473.74 |
| country | JAPAN | Fixed Income | -6.86 |
| country | KOREA | Equity | -40.30 |
| country | POLAND | Equity | 3.93 |
| country | RUSSIA | Equity | 9.70 |
| country | RUSSIA | Fixed Income | -0.94 |
| country | SOUTH AFRICA | Equity | 0.90 |
| country | SPAIN | Equity | 4.30 |
| Country | TAIWAN | Equity | 4.62 |
| country | TURKEY | Equity | -1.30 |
| country | UNITED KINGDOM | Equity | -53.04 |
| industry | BASIC MATERIALS SECTOR | Equity | -31.25 |
| industry | COMMUNICATIONS SECTOR | Equity | 32.29 |
| industry | ENERGY SECTOR | Equity | 93.88 |
| industry | FINANCIAL SECTOR | Equity | -41.84 |
| industry | HEALTH CARE SECTOR | Equity | 22.66 |
| industry | INDUSTRIAL SECTOR | Equity | 0.18 |
| industry | MULTIPLE SECTOR | Equity | -0.01 |
| industry | NATURAL RESOURCES SECTOR | Equity | -37.93 |
| industry | REAL ESTATE SECTOR | Alternative | -0.06 |
| industry | REAL ESTATE SECTOR | Equity | 68.50 |
| industry | TECHNOLOGY SECTOR | Equity | -9.27 |
| industry | UTILITIES SECTOR | Equity | 237.23 |
| region | AFRICAN REGION | Equity | 34.41 |
| region | AFRICAN REGION | Fixed Income | 2.99 |
| region | ASIAN PACIFIC REGION | Equity | 54.12 |
| region | ASIAN PACIFIC REGION | Fixed Income | 37.26 |
| region | ASIAN PACIFIC REGION EX JAPAN | Equity | 22.51 |
| region | ASIAN PACIFIC REGION EX JAPAN | Fixed Income | -8.15 |
| region | ASIAN PACIFIC REGION EX JAPAN | Mixed Allocation | 0.77 |
| region | EASTERN EUROPEAN REGION | Equity | 25.63 |
| region | EASTERN EUROPEAN REGION | Fixed Income | 6.58 |
| region | EUROPEAN REGION | Equity | -276.07 |
| region | EUROPEAN REGION | Fixed Income | -1.33 |
| region | EUROPEAN REGION | Mixed Allocation | 0.26 |
| region | LATIN AMERICAN REGION | Equity | 67.15 |
| region | LATIN AMERICAN REGION | Fixed Income | 296.12 |
| region | MIDDLE EAST REGION | Equity | -6.95 |
| region | MIDDLE EAST REGION | Fixed Income | -2.64 |
| region | NORDIC REGION | Equity | 3.22 |
| region | NORTH AMERICAN REGION | Equity | -160.12 |
| region | NORTH AMERICAN REGION | Fixed Income | 0.34 |
| Risk | GOVERNMENT BOND | Fixed Income | 472.45 |
| Risk | GOVERNMENT BOND | Mixed Allocation | -0.07 |
| Risk | INFLATION PROTECTED | Brazil | -0.18 |
| Risk | INFLATION PROTECTED | Fixed Income | 365.40 |
| Risk | LONG SHORT | Alternative | -169.64 |
| Risk | LONG SHORT | Equity | -9575.51 |
| Risk | LONG SHORT | Fixed Income | -2.79 |
| Risk | LONG SHORT | Mixed Allocation | 0.03 |
| Sector | AGRICULTURE | Commodity | -10.73 |
| Sector | AGRICULTURE | Equity | -0.03 |
| Sector | CONSUMER DISCRETIONARY | Equity | 21.71 |
| Sector | CONSUMER STAPLES | Equity | -26.82 |
| segment | BRIC | Equity | -1.37 |
| segment | BRIC | Fixed Income | -0.62 |
| segment | DEVELOPED MARKETS | Equity | -249.05 |
| segment | EMEA | Equity | 0.48 |
| segment | EMEA | Fixed Income | 1.31 |
| segment | EMERGING MARKETS | Equity | 703.23 |
| segment | GCC | Equity | -9.78 |
| segment | GCC | Fixed Income | 0.00 |
| segment | MENA | Equity | 1.44 |
| segment | MENA | Fixed Income | -1.20 |
| Size | LARGE-CAP | Equity | 2993.90 |
| Size | MID-CAP | Commodity | -0.19 |
| Size | MID-CAP | Equity | 768.67 |
| Size | SMALL-CAP | Equity | 88.13 |
Source: Midlincoln Research
Fund Aggregates
Chart: Key DM Bond Fund Managers are Putting Money into Emerging Markets Bond Funds
Source: ML
Emerging markets fund flow showed 703.2 USD mn of inflow. While Frontier Markets funds showed -0.2 USD mn of outflows.
BRAZIL Equity funds showed -8.6 USD mn of outflow.
BRAZIL Fixed Income funds showed 491.8 USD mn of inflow.
CHINA Equity funds showed -1254.3 USD mn of outflow.
CHINA Fixed Income funds showed 14.7 USD mn of inflow.
INDIA Equity funds showed -117.6 USD mn of outflow.
INDIA Fixed Income funds showed -4.9 USD mn of outflow.
KOREA Equity funds showed -40.3 USD mn of outflow.
RUSSIA Equity funds showed 9.7 USD mn of inflow.
RUSSIA Fixed Income funds showed -0.9 USD mn of outflow.
SOUTH AFRICA Equity funds showed 0.9 USD mn of inflow.
TURKEY Equity funds showed -1.3 USD mn of outflow.
COMMUNICATIONS SECTOR Equity funds showed 32.3 USD mn of inflow.
ENERGY SECTOR Equity funds showed 93.9 USD mn of inflow.
FINANCIAL SECTOR Equity funds showed -41.8 USD mn of outflow.
REAL ESTATE SECTOR Alternative funds showed -0.1 USD mn of outflow.
REAL ESTATE SECTOR Equity funds showed 68.5 USD mn of inflow.
TECHNOLOGY SECTOR Equity funds showed -9.3 USD mn of outflow.
UTILITIES SECTOR Equity funds showed 237.2 USD mn of inflow.
LONG SHORT Alternative funds showed -169.6 USD mn of outflow.
LONG SHORT Equity funds showed -9575.5 USD mn of outflow.
LONG SHORT Fixed Income funds showed -2.8 USD mn of outflow.
LONG SHORT Mixed Allocation funds showed 0.0 USD mn of inflow.
It is worth noting that MidLincoln data shows flow dynamics for last week ending last Friday where as EPFR data reports data only to last Wednesday, which makes ML data far more relevant
Top 5 fund winners and Top 5 losers by country by inflow
Russia Inflows
| assclass | profile | flow USD mln$ |
| Equity | HSBC Global Investment Funds - Russia Equity | 27.25 |
| Equity | iShares MSCI Russi a ADR/GDR UCITS ETF | 17.49 |
| Equity | HSBC MSCI Russia Capped UCITS ETF $ is a | 5.80 |
| Equity | HSBC Global Investment Funds - Russia Equity | 5.35 |
| Equity | LYXOR ETF RUSSIA Dow Jones Russia GDR - D | 3.06 |
Russia Outflows
| assclass | profile | flow USD mln$ |
| Equity | Market Vectors Russia ETF is an exchange-traded | -48.46 |
| Equity | Swedbank Robur Rysslandsfonden is an open-end | -2.02 |
| Equity | db x-trackers MSCI Russia Capped Index UCITS | -1.10 |
| Fixed Income | DWS Russia Bond Fund is a "specialized" | -0.94 |
| Equity | HSBC MSCI Russia Capped UCITS ETF $ is a | -0.22 |
Source: MidLincoln Research
China Inflows
| assclass | profile | flow USD mln$ |
| Equity | W.I.S.E. - CSI 300 China Tracker� is an index-tracking | 24.48 |
| Fixed Income | Deutsche Invest I China Bonds is an open-end | 9.63 |
| Fixed Income | Deutsche Invest I China Bonds is an open-end | 1.56 |
| Equity | ChinaAMC ETF Series - ChinaAMC CSI 300 Index | 1.43 |
| Fixed Income | Deutsche Invest I China Bonds is an open-end | 1.43 |
China Outflows
| assclass | profile | flow USD mln$ |
| Equity | Hang Seng Investment Index Funds Series - | -99.99 |
| Equity | HSBC Global Investment Funds - Chinese | -99.99 |
| Equity | CSOP FTSE China A50 ETF is an exchange-traded | -77.70 |
| Equity | iShares China Large-Cap ETF is an exchange-traded | -31.83 |
| Equity | GAM Star plc - China Equity is a UCITS | -31.38 |
Source: MidLincoln Research
South Africa Inflows
| assclass | profile | flow USD mln$ |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.78 |
| Equity | iShares MSCI South Africa UCITS ETF is an | 0.13 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 |
South Africa Outflows
| assclass | profile | flow USD mln$ |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked | 0.00 |
| Equity | iShares MSCI South Africa UCITS ETF is an | 0.13 |
| Equity | NEXT FUNDS FTSE/JSE Africa Top40 Linked Exchange | 0.78 |
Source: MidLincoln Research
Korea Inflows
| assclass | profile | flow USD mln$ |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 7.74 |
| Equity | INVESCO Korean Equity Fund is a UCITS certified | 2.79 |
| Equity | WisdomTree Korea Hedged Equity Fund is an | 0.34 |
| Equity | INVESCO Korean Equity Fund is a UCITS | 0.24 |
| Equity | Korea Equity Fund, Inc. is a non-diversified, | 0.05 |
Korea Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI South Korea Capped ETF is an | -27.80 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | -10.84 |
| Equity | JPMorgan Funds - Korea Equity is an open-end | -6.33 |
| Equity | db x-trackers - MSCI Korea TRN Index UCITS | -4.80 |
| Equity | Lyxor ETF MSCI Korea is a UCITS compliant | -1.68 |
Source: MidLincoln Research
India Inflows
| assclass | profile | flow USD mln$ |
| Equity | Morgan Stanley India Investment Fund, Inc. | 64.12 |
| Equity | iShares MSCI India ETF is an exchange-traded | 9.65 |
| Equity | WisdomTree India Earnings Fund is an exchange-traded | 6.80 |
| Equity | HSBC Global Investment Funds - Indian Equity | 0.98 |
| Equity | Excel India Fund is an open-end fund incorporated | 0.83 |
India Outflows
| assclass | profile | flow USD mln$ |
| Equity | Aberdeen Global - India Equity Fund is | -79.77 |
| Equity | Aberdeen Global - India Equity Fund is | -77.80 |
| Equity | Vontobel India Fund is an open-end fund | -12.80 |
| Equity | HSBC Global Investment Funds - Indian Equity | -7.65 |
| Equity | GS India Equity Portfolio is a Portfolio | -7.11 |
Source: MidLincoln Research
Turkey Inflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | -1.30 |
Turkey Outflows
| assclass | profile | flow USD mln$ |
| Equity | iShares MSCI Turkey UCITS ETF is an open-end, | -1.30 |
Source: MidLincoln Research
Brazil Inflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Fondo Mutuo Security Fixed Income BRL is | 99.99 |
| Equity | ProShares UltraShort MSCI Brazil Capped is short | 1.65 |
| Equity | iShares MSCI Brazil UCITS ETF (Dist) is an | 0.96 |
| Fixed Income | HSBC Global Investment Funds - Brazil Bond | 0.93 |
| Equity | iShares MSCI Brazil UCITS ETF (Acc) is an | 0.22 |
Brazil Outflows
| assclass | profile | flow USD mln$ |
| Fixed Income | Aberdeen Global - Brazil Bond Fund is a | -53.10 |
| Fixed Income | Aberdeen Global - Brazil Bond Fund is a | -52.52 |
| Equity | Direxion Daily Brazil Bull 3x Shares is an | -7.03 |
| Equity | db x-trackers - MSCI Brazil TRN Index UCITS | -2.46 |
| Fixed Income | UBS (Lux) Bond Sicav - Brazil is an open-end | -1.12 |
Source: MidLincoln Research
Australia Inflows
| assclass | profile | flow USD mln$ |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) is | 21.93 |
| Equity | Australia Equity Income Fund is an open-end | 6.54 |
| Fixed Income | 5.73 | |
| Equity | Candriam Equities L - Australia is a SICAV | 2.89 |
| Equity | SmartMOZY is an exchange traded fund listed | 0.34 |
Australia Outflows
| assclass | profile | flow USD mln$ |
| Equity | db x-trackers S&P/ASX 200 UCITS ETF (DR) | -3.35 |
| Equity | Baring International Umbrella - Baring Australia | -3.10 |
| Equity | WisdomTree Australia Dividend Fund is an | -0.70 |
| Equity | Candriam Equities L - Australia is a SICAV | -0.35 |
| Equity | UBS (Lux) Equity Fund - Australia (AUD) | -0.18 |
Source: MidLincoln Research
Canada Inflows
Canada Outflows
Source: MidLincoln Research
Good luck! And don’t stay out of the market for too long. As the policy of being too cautious is the greatest risk of all.
Ovanes Oganisyan